Gary B. Sabin, a board member for Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT), announced his retirement from the REIT’s board of directors, effective May 24. Sabin will step down immediately following the company’s annual meeting with shareholders. He had been listed as a nominee for the 2017 board but will be replaced on that list by Dennis J. Letham, according to a company press release.
Sabin is leaving the board after he accepted a full-time service assignment as “general authority seventy,” a senior leadership position with The Church of Jesus Christ of Latter-Day Saints. The new position will conflict with Sabin’s ability to fulfill his responsibilities on the 2017 board, the release stated. He was elected to the board in July 2015.
If elected to the 2017 board, Letham has been tapped by directors to serve on the audit committee.
"We would like to thank Gary and wish him the best in his new service assignment," said Spencer F. Kirk, CEO. "We are excited about the board's nomination of Dennis Letham. He brings financial and accounting expertise and valuable experience as an executive officer and director of public companies. He will be a great addition to our board."
Letham served as executive vice president and chief financial officer (CFO) of Anixter International Inc. from 1995 until his retirement in June 2011. The company is a global supplier of electronic, network and security, and utility-power solutions. From 1993 to 1995, he was executive vice president and CFO for Anixter Inc., the principal operating subsidiary of Anixter International. He also spent 10 years with National Intergroup Inc. and another decade at Arthur Andersen & Co.
Letham’s previous board experience includes stints as a director of Interline Brands Inc. and a current director seat with Tenneco Inc. He is a certified public accountant and holds a bachelor's degree from Pennsylvania State University.
Headquartered in Salt Lake City, Extra Space owns or operates 1,347 self-storage properties in 36 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 900,000 units and 100 million square feet of rentable space.